Cardoso Says CBN Award Validates Reform Agenda, Signals Renewed Confidence In Economy

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the international recognition recently bestowed on the apex bank reflects growing confidence in Nigeria’s economic reform programme and the resilience of its financial system.

Cardoso spoke after formally receiving the Central Bank of the Year Award at a ceremony in London on Wednesday. He described the honour as a recognition of the institution’s collective efforts to restore stability and credibility to monetary policy.

The CBN governor dedicated the award to the bank’s board, management and staff. He said the recognition underscored the contribution of professionals working behind the scenes to strengthen the institution and support economic recovery.

According to him, the award belongs to the many officials whose commitment, expertise and integrity have helped drive the bank’s ongoing transformation agenda.

“I accept this award on behalf of the Board, Management and staff of the Central Bank of Nigeria,” Cardoso said.

“Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise and an unwavering commitment to the public good,” he stated at the award ceremony.

Cardoso said the award comes at a period when central banks across the world are facing unprecedented economic challenges, including inflationary pressures, market volatility and the need to balance growth with stability.

He said Nigeria is not immune to those pressures, requiring difficult policy decisions aimed at rebuilding confidence in the economy.

The governor highlighted the reforms undertaken by the CBN over the past two years.

These include measures to stabilise the foreign exchange market, tackle inflationary pressures and strengthen critical financial infrastructure.

He said the reforms were designed to restore policy credibility and lay the foundation for sustainable economic growth.

Cardoso also pointed to achievements recorded during the period, including Nigeria’s exit from the Financial Action Task Force grey list and the completion of the banking sector recapitalisation programme.

According to him, these milestones were made possible through collaboration among regulators, financial institutions, development partners and government agencies.

The governor said the central objective of the CBN’s reform agenda has been to strengthen institutional resilience and rebuild trust in the country’s monetary framework.

While acknowledging that challenges remain, he expressed optimism that recent policy measures were beginning to yield positive results.

Cardoso said signs of renewed confidence were emerging across key segments of the economy, reflecting the impact of reforms pursued by the apex bank and the federal government.

He attributed the progress to the support of stakeholders across the public and private sectors, as well as the confidence shown by Nigerians despite prevailing economic difficulties. “We receive this recognition with humility. We see it not as a destination, but as encouragement to continue the important work ahead,” he said.

The governor reaffirmed the CBN’s commitment to maintaining financial and monetary stability while strengthening transparency, accountability and professionalism within the institution.

He said the bank would continue to pursue policies aimed at safeguarding public confidence and supporting long-term economic development.

The award adds to a growing list of international acknowledgements for the Central Bank of Nigeria as it continues to implement reforms considered critical to the country’s economic recovery strategy.

Many would see the recognition as likely to bolster investor confidence by reinforcing perceptions of improving policy consistency and institutional credibility within Nigeria’s financial sector.

For the CBN, the award represents more than international acclaim. It also serves as an endorsement of reforms aimed at repositioning the institution as a more transparent, market-oriented and credible monetary authority.